Trinity Church Builds Financial Capacity to Save Homes
(New York, NY)— The historic Trinity Church Wall Street has generously invested $150,000 in a new fund that supports an upstream intervention to keep New Yorkers at immediate risk of homelessness in their homes, preventing them from ending up in shelters or on the streets.
“We are all called to act with urgency and at scale to end the cycle of mass homelessness in New York City,” said Neill Coleman, Executive Director of Trinity Church Wall Street Philanthropies. “More than 60,000 people, including 22,000 children—over 25 percent of whom are under the age of five—are sleeping in shelters each night. An estimated 4,000 adults are sleeping on the streets and in subways each night. There is no denying that homelessness disproportionally impacts communities of color, and we are proud to partner with The Partnership to End Homelessness to dismantle racism and address instability and homelessness in New York City.”
The investment in the SAVE HOMES FUND illustrates Trinity’s ongoing commitment to support New Yorkers at risk of homelessness. Trinity’s Housing & Homelessness initiative advances Trinity’s mission priority to build up our neighborhood by advocating for New Yorkers who find themselves in shelters or who are on the brink of losing their housing. In addition to providing grants and making investments, Trinity uses its voice and congregation to promote policy changes and solutions that address housing instability and homelessness.
“Thanks to partners like Trinity Church Wall Street, the SAVE HOMES FUND can keep New Yorkers safely housed and serve as a model of solving homelessness that could be replicated across New York City and State,” said Áine Duggan, President and CEO of The Partnership. “NYC homelessness is primarily a story about women and children of color, disproportionately hurt by domestic violence, evictions and overcrowding in a city with a dearth of affordable housing. Through partnerships such as this, we can set and achieve the goal of making New York City a place that guarantees safe homes for all its residents.”
The contribution will support The Partnership’s ability to provide rental and financial assistance, rehousing, crisis, counseling and education services.
Such investments in prevention yield cost-savings to the City, because prevention is the most cost-effective and humanitarian solution to homelessness. The current average rent arrears of a family in need of assistance is $4,000, a mere fraction of the $100,000 cost of providing shelter for that same family in New York City if they lose their home; and, paying a family’s annual rent bill (typically between $20,000 and $25,0000) is only approximately one-quarter of the cost of shelter.
By paying a family’s rent arrears, the SAVE HOMES FUND effectively prevents an eviction and safeguards a family in their home, ensuring that instead of being burdened with the stress of homelessness, family members can immediately focus on their well-being and rebuilding (including work, school and health) and create intergenerational opportunity rather than intergenerational poverty.
Photo Credit: Lorenzo Donvito